Crypto News

Apple Will Allow NFTs On The App Store

Apple recently began to allow the sale of non-fungible tokens (NFTs) on the App Store and the marketplace’s supported apps. However, this policy change does come with a few strings attached.

At this time, it is being reported that Apple will use its Web2 monetization structure for the sale of these assets, meaning the company will take a 30% cut from devs that make over $1 million annually on the App Store. Additionally, Apple will get a 15% cut from developers making less than $1 million a year.

The other important stipulation is that all NFT transactions must be done with U.S. dollars. This means that cryptocurrencies will not be an acceptable form of payment for these NFTs and in-game assets.

This decision to allow NFT sales has been met with mixed reactions from the public. Some influential individuals from the gaming sector, like Epic Games CEO Tim Sweeney, believe this is just Apple “killing all NFT app businesses.”

Apple has been working tirelessly to make changes and improvements to the App Store. Prior to this recent announcement, the organization released a statement saying it would be raising the price of App Store applications in several countries around the world.

(All information was provided by Blockworks and Eurogamer)

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